Improved Industry Economics Prompt JPMorgan to Lift Bitcoin Mining Stock Targets

JPMorgan Lifts Bitcoin Miner Targets as Revenue Outlook Brightens

JPMorgan has raised its price targets for key publicly traded bitcoin mining companies, citing improved fundamentals following a stronger-than-expected first quarter and rising bitcoin prices.

In a note to clients released Friday, analysts Reginald Smith and Charles Pearce increased their 12-month targets for CleanSpark (CLSK) to $14 from $12, Riot Platforms (RIOT) to $14 from $13, and MARA Holdings (MARA) to $19 from $18.

The revisions reflect a 24% increase in JPMorgan’s base case for spot bitcoin prices, along with a 9% uptick in estimated network hashrate, which measures the total computing power deployed to secure the Bitcoin blockchain.

“Mining economics have improved materially, driven by a firmer BTC price and more favorable difficulty adjustments,” the analysts wrote.

JPMorgan maintained overweight ratings on CleanSpark, Riot, and Iris Energy (IREN), citing strong cost controls and efficient operations. The bank held neutral ratings on Cipher Mining (CIFR) and MARA, pointing to rising operational risks and less favorable cost structures.

The recalibration comes as bitcoin holds above $105,000, helping miners recoup margins post-halving, even as energy prices and global hashrate continue to rise. Analysts noted the sector remains highly sensitive to price swings but benefits from improving institutional interest in the crypto asset class.